London 2017 sponsor Technogym sees profits double in one year

Technogym, the Italy-based fitness equipment manufacturer, more than doubled its profits in the last 12 months, it announced, as it reported impressive half-yearly financial results.

The company’s profits increased by 103 per cent to €18.5 million ($21.9 million) in the year to the end of June, compared with €9.1 million in the first half of 2016.

Consolidated revenue totalled €266.4 million, a 6.6-per-cent rise, compared with €35.2 million in the same period last year.

Technogym’s second quarter net operating income totalled €29.3 million, a lift of 28 per cent.

The company’s growth was led by significant revenue increases in South America, where revenues rose by 28.1 per cent.

In Asia, revenues increased by 12.9 per cent, while in North America they rose by 15.9 per cent.

Nerio Alessandri, chairman and chief executive officer of Technogym, said: "These results endorse our long-term strategy which has always placed strong emphasis on investing in product innovation and services to provide operators with complete solutions for their businesses and private customers with a unique wellness experience.”

Technogym is a sponsor of London 2017, the 'Summer of Athletics' that comprises the 2017 World Para Athletics, which took place in London from 14 to 23 July, and the IAAF World Championships, which are presently taking place at the London Stadium.